The financial services ecosystem is an essential partner with DFS. We believe that by working with and learning from the industry, we can continue to support the growth of New York’s financial services hub and become the regulator of the future.
DFS partners with federal regulators and sister regulating agencies around the U.S. and the world to facilitate innovation across borders.
The Department participates in several inter-agency agreements. Common features of such agreements include a referral mechanism for facilitating the entry of a financial innovator from one jurisdiction to the other to improve speed to market; exchange of information about regulatory and policy issues; dialogue and expertise sharing on fintech and innovative financial services; standards to ensure that innovators in each jurisdiction receive equivalent levels of support; and coordinated training sessions.
Working directly with Israel's financial regulators – the Capital Markets Insurance and Savings Authority, the Israel Securities Authority, and the Bank of Israel – DFS signed an MOU in June 2019 to make it easier for FinTech innovators from each market to enter the other, promoting New York and Israel as innovation hubs for financial services technology. Israel has over 750 FinTech companies fueled in part by a deep talent pool of cyber experts produced through military training.
In May 2020, DFS also signed an MOU with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to ease entry for fintech innovators into the New York and French markets, furthering New York and France as innovation hubs for financial services technology. DFS is the first U.S. financial services regulator to sign an MOU with the ACPR. Backed by the Banque de France, the ACPR is the administrative authority that supervises France’s banking and insurance sectors, ensures financial stability, protects the customers of the supervised institutions, and combats money laundering and the financing of terrorism.
Global Financial Innovation Network (GFIN)
In addition to bilateral agreements, DFS is a member of the Global Financial Innovation Network, an international group of organizations committed to facilitating financial innovation in the interests of consumers.
DFS Next is available to help answer questions or inquiries from local, national and international fintechs, banks, and insurance companies to build an understanding of the financial regulatory environment so innovative ideas thrive here in New York State.
Reach the team at [email protected].